Minutes - 297

296

that the proposed decree for the settlement of the litigation between
the Maryland Trust Company, Trustee, and the Kirby Lumber Company
and Houston Oil Company of Texas, will be put in a form acceptable
to the Timber Certificates Protective Committee and to its counsel; and
in case this decree is entered within a reasonable time, the Sub-
Committee of the Timber Certificates Protective Committee has prepared
a report to the Full Committee covering the fees and expenses
of the Committee, a copy of which report is enclosed, in answer to
your inquiry."

[red pen left margin: Reply of Chman of Com. on claims to Chman of Tax C & f Com.]

There upon on motion duly seconded, the following resolution was
unanimously adopted:-

Resolved, that Mr. S. H. March, Chairman of the Committee to
pass upon claims, is hereby requested to reply as follows to the
letter, dated May 22, 1908, from Mr. G. H. Young, Chairman of
the Timber Certificates Protective Committee:-

"In reply to your favor of May 22nd, I beg to say that
provision has been made by the Board of Directors of the Houston
Oil Company of Texas, by authorizing an issue of $3,500.000 of second
series Timber Certificates, to provide the means of payment of its
floating, debt obligation, which provision contemplates a proper
and reasonable fee to your Committee; though out of respect for
your views and the conditions imposed by you regarding the
proposed decree, the Board of Directors of the Houston Oil Company
of Texas is not prepared at this time, pending an agreement upon
the decree by your Committee and the Trustee, to recommend or
agree upon the amount of the fee for your Committee."

[red pen left margin: $12.000 per year addition compensation to Chas Dillingham, Recr.]

Thereupon, on motion duly seconded, the following resolution
was unanimously adopted:-

Resolved, that Chas. Dillingham, Receiver of the Houston Oil
Company of Texas, is hereby allowed compensation at the rate of
$12,000 per year for the term of his Receivership, which com-
pensation this Board is advised by Capt. James A. Baker will be
satisfactory to the said Chas. Dillingham, and

Resolved further, that the payments which have been, or may
be made to the said Chas. Dillingham, on account of his
compensation as such Receiver, in excess of $6,000 per annum,
shall be paid to him in the second series of Timber Certificates.

Thereupon, on motion duly seconded and carried, the meeting
was adjourned sine die.

[illegible signature]
President

J A Whitaker,
Secretary